Mortgage applications in the United States fell for the sixth straight week as mortgage rates rose to a 12-year high, causing home purchases and refinancing applications to fall, according to the latest survey by the Mortgage Bankers Association (MBA) on April 20.
The Market Composite Index (MCI), a measure of mortgage loan application volume, showed a 5 percent drop in total seasonally adjusted mortgage applications for the week ending April 15, the lowest figure seen since February 2019. The drop is largely due to rising interest rates.
On an unadjusted basis, the MCI decreased 4 percent compared with the previous week.
There was also an 8 percent drop in refinancing applications from the previous week, which was 68 percent lower than the same week in 2021.
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